Sonic Labs is the development team for the first layer of the Sonic blockchain and has now been authorized to issue $200 million worth of S tokens to expand its business in the U.S. capital markets, including the proposed launch of exchange-traded funds (ETFs) and investment tools listed on Nasdaq.
The voting concluded on Sunday, with 99.99% of Sonic (S) tokens from 105 wallets voting in favor of the proposal, totaling 700 million S tokens, meeting the quorum requirement.
The company plans to allocate 100 million S tokens to establish a strategic reserve for private investment in public equity (PIPE) tools for Nasdaq-listed companies, and will use 50 million S tokens for S token tracking ETPs issued by "regulated top ETF providers" with assets under management exceeding $10 billion. Sonic stated that the fund will be custodied by BitGo.
Sonic announced the establishment of Sonic USA LLC and will hire a U.S.-based CEO and team in New York to drive its TradFi initiatives and lead related affairs in Washington, D.C. 150 million S tokens (valued at $47.7 million) will be used to launch Sonic USA.
Many listed companies have incorporated crypto assets into their balance sheets by establishing cryptocurrency vaults and investing in spot exchange-traded funds. Sonic, however, is leveraging traditional financial tools to enhance its competitiveness in the crypto space, disrupting previous models.
The Sonic chain is set to launch in December 2024, evolving from the Fantom Opera network, with Fantom's FTM tokens being exchanged for Sonic's S tokens at a 1:1 ratio to complete the migration.
However, the original FTM token supply held by the Fantom Foundation is less than 3%, as they prefer to repurchase their own tokens rather than achieve collaboration through sales.
Sonic stated that the inherited token economic model has limited its ability to seize significant opportunities, such as collaborations or investments with GameStop, Robinhood, and Polymarket, as well as early listings on major crypto exchanges. "These tokens were not in place when needed," Sonic remarked.
Sonic pointed out that most first-layer and second-layer blockchain teams retain 50% of the supply for strategic purposes in their initial token economic models, but Sonic's allocation of less than 3% forces it to repurchase S tokens on the open market.
Sonic also plans to update the gas fee mechanism and allocate more transaction fees for token burn to offset the issuance of new S tokens, which will reduce net inflation and create deflationary pressure on supply in the long term.
According to CoinGecko data, since its launch in January, the S token has performed poorly, with a cumulative decline of nearly 69%. Sonic stated that this way, "Sonic can compete alongside traditional financial giants (ETF/PIPE) without harming the interests of holders."
Sonic has become a participant in the U.S. Department of Commerce's on-chain economic data release project, which utilizes Chainlink and Pyth's blockchain oracle services.
Developers can directly call U.S. macroeconomic statistical data on the Sonic chain without accessing the Department of Commerce's website.
Sonic stated that this move will bring new innovations to its platform—such as developing trading models based on GDP and inflation data and applying macroeconomic signals to on-chain lending.
Related: Reports indicate that Trump is considering a post-war Gaza plan to propose tokenized land.
Original: “Sonic Labs Approved for $200 Million Entry into Traditional Financial (TradFi) Market”
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